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CNN
Sep 26, 2010 3:00pm EDT
meineke. >>> stephen ratner was basically plucked from the world of finance and put in charge of the automotive task force back in 2008. his assignment, save it the u.s. auto industry from collapse. back then, that felt like a very real possibility. he's the author of a new book called "overhaul" an insiders account of the obama administration's emergency rescue of the auto industry. he's with me. steve, in one word, was the u.s. auto industry, as we reported it was, as we were told it was, was it on the brink of destruction? >> absolutely. >> it was really that close? because we were warned by ford if gm goes down it could take down suppliers which could then have a connecting affect to the other automakers. >> without the government's intervention, gm and chrysler would have run out of money in early 2009 and would have closed their doors and liquidated and a million people would have been out of work. ford would have shut down too because suppliers wouldn't have been available. >> they weren't the company on the brink but he was making a strong argument. what surprised you most wh
CNN
Sep 18, 2010 1:00pm EDT
. there was a steep drop in 2000. released a statement saying how difficult 2009 was. stephen, why are so many poor in this country? >> we just had a terrible recession we're still in. any time the economy takes a nosedive like we've seen in the last couple years, that's going to cause a plunge in people's incomes. unfortunately, tom, the people that get hurt most in recessions are lower ends of the income scale. rich person sees a drop in the income, it means instead of buy a porsche, they buy a bmw. for a poor person, it's hard to pay the bills. when we get into a recovery, we'll start to see poverty rate reduce and incomes rise, not just for rich but everyone. >> short answer here, does this have any affect on the fact savings dropped so low there was no pad. >> for the first time in 15 years savings rates are starting to come up. people learned the lesson. >> i'm not sure the white house is thrilled when they want spending now. >> understand the thing with the savings rate is we have folks that have been out of work for over a year. before this recession we were telling folks to have
Search Results 0 to 2 of about 3 (some duplicates have been removed)